Kotak Guaranteed Savings Plan

life insurance
Protect your loved ones against death, disability and Illness
/ /

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a non-linked and non-participating endowment plan which helps you appreciate your savings while enjoying the benefits of a life cover.  The plan provides guaranteed benefits on death of the life assured and plan maturity. The plan also provides yearly guaranteed additions from the end of the premium payment term till the end of the policy term. A guaranteed loyalty addition is also made to your savings corpus at the end of the policy term.

Moreover, the plan offers you 5 rider options to enhance the standard coverage as per your requirements and preferences. You can also avail a loan of up to 50% of the surrender value under the plan after the payment of the 2 consecutive years’ premiums. 

Best Features of Kotak Guaranteed Savings Plan

Following are the key features of the Kotak Guaranteed Savings plan -

  • Guaranteed Additions- Guaranteed addition of up to 35% of the annualised premium are made every year, starting from the completion of premium payment term (PPT) till the end of the policy term.
  • Guaranteed Loyalty Addition- Guaranteed loyalty addition of up to 180% of the annualised premium is paid at the time of plan maturity in accordance with the annualised premium band and PPT chosen.
  • Rider Options- The plan comes with 5 rider options namely Term Benefit Rider,  Accidental Death Benefit Rider, Permanent Disability Benefit Rider,  Guardian Benefit Rider, and Accidental Disability Guardian Benefit Rider.
  • Policy Loan-  The plan allows you to avail a policy loan of up to 50% of the surrender value. Currently, these policy loans are available at an interest rate of 9.30% p.a.
  • Reduced Paid-Up Policy- The policy automatically gets converted into a reduced paid-up policy in case the premiums are not paid in time after the payment of the 2 consecutive years’ premiums.
  • Revival-  A lapsed or reduced paid-up policy can be revived within 5 years from the date of the first unpaid premium. 

Benefits of Kotak Guaranteed Savings Plan

The benefits provided by Kotak Guaranteed Savings Plan are as follows -

     1.Death Benefit

In case of an unfortunate demise of the life assured, the nominee is entitled to receive the sum assured on death along with accrued guaranteed additions as the death benefit.

Sum assured on death is equivalent to the highest of the following -

  1. 11 times of the annualised premium
  2.  Basic sum assured plus guaranteed loyalty addition 
  3. 105% of all premiums paid till the date of the death. 

     2.Maturity Benefit

In case of the survival of the life assured till the end of the policy term, a maturity benefit equivalent to an aggregate of the basic sum assured, accrued guaranteed additions, and guaranteed loyalty addition is paid.

Kotak Guaranteed Savings Plan Eligibility

Kotak Guaranteed Savings Plan comes with the following eligibility conditions - 

Eligibility Criteria For Kotak Guaranteed Savings Plan

Minimum Age at Entry

3 years

Maximum Age at Entry

60 years

Minimum Age at Maturity

18 years

Maximum Age at Maturity

75 years

Policy Term 

14 years / 15 years / 16 years / 20 years

Premium Payment Term (PPT)


 

Policy Term

PPT

14 years

7 years

16 years

8 years

15 years/20 years

10 years


 

Premium Payment Frequency

Yearly, Half yearly, Quarterly, Monthly

Minimum Annualised Premium Amount 

INR 20,000

Maximum Annual  Premium Amount

No Limit, subject to underwriting

Minimum Basic Sum Assured

Depends on the premium amount, entry age, policy term, and PPT

Premium Modal Factor


 

Yearly

100%

Half- yearly

51%

Quarterly

26%

Monthly 

8.8%


 

Kotak Guaranteed Savings Plan Review

Kotak Guaranteed Savings Plan is a savings sum life insurance plan which helps you plan for your financial goals in a secured manner. The plan helps you enhance your savings corpus by way of yearly guaranteed additions of up 35% and a loyalty addition which can go up to 180% of your annualised premium.

The plan offers you substantial  liquidity policy  by allowing you to avail a loan of up to  50% of the surrender value. One of the noteworthy features of the plan is the availability of as many as 5 rider options which help you keep your family secured in the event of accidents or critical illnesses. Kotak Guaranteed Savings Plan is a suitable plan for individuals looking for a high return giving savings plan available with limited and short premium payment terms.

Kotak Guaranteed Savings Plan FAQs
visa verified mastercard pcidss compliant rupay
  • Paytm Insurance Broking Private Limited. Address: 136, 1st Floor, Devika Tower, Nehru Place, NEW DELHI, South Delhi, Delhi, India, 110019
  • Registration No. 700. Valid till 16/02/2023
  • CIN - U66000DL2019PTC355671